08/20 MNX Iron Butterfly

Today MNX basically got back to where it was when I entered the trade. I realized I had sold the SEP extra call too soon, and ended up buying another SEP call Today. The main reason for buying this call was to controll the Gamma exposure. The trade was already building up gamma, and the OCT contracts usually have lower gammas.

It is back to B/E, once again, I went overboard when I adjusted to the down-side, I flattened the deltas too hard, next time will do it gradually, cut in 1/2 first and then go from there. Because of its high gamma, the MNX tends to flip back and forth on the deltas, and if you flatten it out, you may find yourself in my position, going back to where it was, but without any profits to show for.

Position's History:
08/19 MNX Iron Butterfly - SEP
08/18 MNX Iron Butterfly - SEP
08/17 MNX Iron Butterfly - SEP
08/14 MNX Iron Butterfly - SEP
08/15 MNX Price & Volatility Study
08/13 MNX Iron Butterfly - SEP *New*

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